Institute of accountants and bookkeepers - gdpr, bookkeeping qualifications, bookkeeping study, bookkeeping careers, payroll, bookkeeping exams, bookkeeping support, find a bookkeeper, bookkeeping in business, money laundering supervision, aml supervision, mlr

Government extends trials of shared banking hubs

Government extends trials of shared banking hubs
The trials of shared banking hubs in two communities where all the high-street banks have shut up shop are to be extended.
The trials, in Cambuslang, South Lanarkshire, and Rochford, Essex, were due to finish in October, but have been extended to April 2023.
The premises offer traditional banking counter services, including the opportunity for local businesses to deposit cash, and have ATMs. Both hubs are managed by the Post Office. To date an estimated 12,000 people have used them.
“It is really clear that the hubs have been hugely popular and it would be a bad decision to close them. The banks have therefore taken the view that they want to keep them open, and keep innovating in them so we can refine the model further,” said Natalie Ceeney, chair of the Access to Cash Action Group, which is overseeing the projects.
She said extending the scheme would give banks “a better understanding of what works for people, and what role services like these could play in the future”.
The trials are part of a wider project aiming to test ways to ensure people and businesses have access to cash. It also addresses the issue of bank branch closures, which are showing signs of accelerating as the UK emerges from the Covid crisis.
The move by banks to close thousands of branches and ATMs in recent years — part of a cost-cutting drive as more customers shift to digital banking — has led to concern that millions of people who rely on cash could be left stranded outside the mainstream financial system.
It has also prompted the government to consult on plans to protect community banking services.